Alico, Inc. (NASDAQ:ALCO) Q3 2023 Earnings Call Transcript

Gerard Sweeney: Got it. Final question. I guess, maybe a follow-up on the comments. It was a contract, you mentioned that one of your Tropicana contract that has been extended to the 2024, 2025 season. Could you just walk us through maybe the laddering of the contracts when they expire at roughly the size of them, if you have that info at your finger tips? So apologize it’s a little different?

John Kiernan: Sure. I have been dominating all the Q&A. So I’ll let Perry Del Vecchio answer that.

Perry Del Vecchio: Thanks, Gerry. As it relates to the contracts, this contract is one of the smaller contracts with Tropicana, the larger contracts do come up for expiration next year, at the end of next year’s harvest.

Gerard Sweeney: At the end of fiscal 2024, just…

Perry Del Vecchio: Yes.

Gerard Sweeney: Okay. Got it. And then historically, you have renewed them I would say, a good amount of time before the end of the harvest is that the way of looking at it?

John Kiernan: Yes. I mean, we typically will do it within a year of when the expiration comes out. And right now, we’ve been doing them on shorter durations, so the shorter-term contracts. And I anticipate in the middle of next season, we’ll be negotiating to renew those contracts that are expiring at end of next season.

Gerard Sweeney: Got it. Okay. That’s it for me. I really appreciate it. Thank you.

John Kiernan: Gerry. Thank you, again.

Perry Del Vecchio: Thank you.

John Kiernan: Mark, do we have any other queries?

Operator: There are no questions on the session. I’d like to hand the call back over to Mr. Kiernan for the closing remarks.

John Kiernan: I just want to say thank you to everyone for joining our call today and for your support of Alico. We look forward to speaking with you on our fourth quarter call and our full-year results in December.